What is Estate Planning?

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What Is Estate Planning?
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Lack of Preparedness
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• Surveys show that MOST PEOPLE
• have made no preparations for death

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This is perplexing, because everyone is going to
pass away someday
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Estate Planning
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ESTATE PLANNING is a process during which you
arrange for the future transfer of your monetary
assets to your heirs
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• IF YOU DO NOTHING, the state will decide who
  inherits your resources

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Intestacy
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The condition that results if you die without an
estate plan is called INTESTACY
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Under these circumstances, the state will
distribute your property under INTESTATE
SUCCESSION LAWS
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• The outcome may not be
• consistent with your wishes

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Preventing Intestacy
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• You can prevent intestacy
• by executing a legally binding device stating
  your final wishes

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One of these is a LAST WILL
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Various different types of trusts can be
utilized as well
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Estate Planning Is Not Just for Senior Citizens
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• Though many are remiss,
• most senior citizens have some
• type of estate plan in place

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However, a HIGH PERCENTAGE of younger people are
not prepared
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People of all ages pass away every day
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Younger adults often have DEPENDENT CHILDREN
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In reality, estate planning is a must for all
responsible adults, regardless of age
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Incapacity Planning
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• People often become incapacitated
• late in their lives

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Sometimes younger people become incapacitated due
to accidents or catastrophic illnesses
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You can name hand-picked representatives to act
in your behalf in the event of your
incapacitation
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This is done through the execution of documents
called DURABLE POWERS OF ATTORNEY
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I Don't Know Where to Begin
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• After viewing this presentation
• you may be convinced that
• estate planning is important

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However, you may not know WHERE TO BEGIN
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The intelligent first step would be to arrange
for a consultation with a licensed estate
planning attorney
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Oklahoma City Estate Planning Consultation
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If you live in or around Oklahoma City, contact
our firm to schedule a free consultation
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We can answer all of your questions and help you
prepare an estate plan that ideally suits your
needs
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www.ParmanLaw.com
[phone]